ProcessUnity Launches Vendor Financial Intelligence Powered by RapidRatings to Enhance Third-Party Risk Management Programs
July 28, 2020
Offering Provides Crucial Insight into Financial Health of Vendors and Suppliers
CONCORD, MASS. – ProcessUnity, a leading provider of cloud-based applications for risk and compliance management, today launched ProcessUnity Vendor Financial Intelligence (VFI) powered by RapidRatings, the leading provider of financial health assessments and analytics. The addition to the ProcessUnity Vendor Intelligence Suite seamlessly and automatically incorporates RapidRatings’ Financial Health Ratings into ProcessUnity’s Vendor Risk Management platform for enhanced vendor due diligence, vendor assessments and ongoing monitoring.
“Regardless of sector, size, or geography, companies need to have the ability to not only understand the financial health of their third-party vendors—but to build stronger relationships up and down the supply chain,” said Eric Evans, Managing Director of Business Development at RapidRatings. “VFI allows risk managers to seamlessly access purely quantitative public and private company ratings from within their existing workflows to advance critical business dialogues.”
ProcessUnity and RapidRatings began the partnership in 2017 with the launch of an external content connector from ProcessUnity to RapidRatings. Since then, ProcessUnity has been a key contributor to RapidRatings’ Align Client Conference as a leading Vendor Risk Management solution and data integrator. With the launch of VFI, ProcessUnity and RapidRatings have completely embedded the financial risk posture of third parties into the fully-configured third-party risk management program. As a turnkey solution, Vendor Financial Intelligence centralizes all key financial information in one system to streamline the review process and eliminate manual research to determine financial risk.
“Embedded risk intelligence is a key component for mature third-party risk programs, and the financial health of your suppliers is a critical factor in gauging the risk level of your third-party ecosystem,” said Todd Boehler, Senior Vice President of Strategy, ProcessUnity. “ProcessUnity Vendor Financial Intelligence with RapidRatings provides unparalleled financial health transparency for both public and private companies, providing risk managers with a clear line of sight to making critical risk-based business decisions.”
Key benefits of ProcessUnity Vendor Financial Intelligence, powered by RapidRatings, include:
- Accelerated Onboarding: Significantly reduces time to onboard third parties by identifying relevant, contextual warnings early in the cycle. Third-party risk managers gain an immediate view of a vendor’s financial posture during onboarding via due diligence integrated with financial risk data.
- Objective and Accurate Assessments: RapidRatings’ Financial Health Ratings provide analysts with clear guidance (on a 0-100 scale) as to the likelihood that a third party will face disruption.
- Thorough Vendor Evaluation: The financial lens provided by VFI, coupled with the risk intelligence from the SIG questionnaire, gives analysts a wider view of potential risks for a more thorough vendor evaluation.
- Real-Time Updates: Automated workflows immediately notify third-party risk managers of changes in a vendor’s financial posture for continuous, ongoing vendor monitoring.
ProcessUnity Vendor Financial Intelligence combines the industry’s leading third-party risk management platform with the most sophisticated analysis of the financial health of public and private companies worldwide.
Visit https://www.processunity.com/vendor-financial-intelligence-rapidratings to learn more about ProcessUnity Vendor Financial Intelligence with RapidRatings.
ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. The company is headquartered outside Boston, Massachusetts. For more information, visit http://www.processunity.com.
RapidRatings® sets the standard for financial health transparency between business partners, transforming the way the world’s leading companies manage enterprise and financial risk. RapidRatings provides the most sophisticated analysis of the financial health of public and private companies in over 140 countries worldwide. The company’s predictive analytics provide insights into how suppliers, vendors, and other third parties are likely to perform. For more information, visit rapidratings.com.